Chicago & state of Illinois pension crisis

America's pension house-of-cards is getting flimsier year by year. D-day is getting closer and closer.

Financial analyst have been warning us for years that the country's pension system is a ticking time bomb.

Wonder if barry(aka you & I, the taxpayer) is gonna bail out his thug buddies in Chicago?

quote:Calling the Chicago pension crisis the worst in the nation is saying something - like, how bad can it get?

The city's underfunded pension system for teachers, firefighters, police, and transit workers threatens to punch a hole in the city budget that would devastate city services. The teachers' alone are $1 billion short of funds, while the city as a whole is looking at a whopping $27 billion shortfall.

The state of Illinois is even worse off with more than $100 billion in unfunded pension liabilities. Where is the money going to come from to fix the problem?

Elections have consequences. This is what happens when you elect liberals that cater to Unions for YEARS. Don't worry though.....the tax payers will come to the rescue; like we continuously have to do for these liberal utopias.

Looks like a lot of pensioners are about to see big cuts to their checks & contribution increases, much like Detriot city retirees are facing.

quote:The state hopes the new law will save $160bn over the next 30 years - savings that will come from cuts in retirement benefits for state workers and forcing the state to make its pension contributions.

quote:The Chicago teachers' pension fund is roughly 54 per cent funded, far below the 80 per cent threshold considered healthy. But it is better off than the city's municipal workers, police, labour and firefighters' pension funds, which Fitch, the credit rating agency, estimates are collectively 33 per cent funded.

And here are the hero's...

quote:A coalition of unions called the state reform "attempted pension theft".